Tron’s increased on-chain transaction volume has raked in staggering revenues for the blockchain, surpassing Ethereum and Solana.
Transactions on the Tron network have hit their highest point since the start of the year, as data showed the blockchain processed a daily transaction of 7.99 million. This is largely due to the surging user interaction on the blockchain network.
Data from IntoTheBlock shows a steady increment in weekly transaction volume since the start of February. The blockchain saw its lowest weekly transaction volume in February after recording a mere 28.5 million. However, user influx has gone parabolic since then, growing over 38% to 48.54 million weekly transactions from August 5.
The Tron network’s resurgent transactional acumen can be tied to reduced transaction fees. According to Tron’s founder, Justin Sun, the charges for transacting on the network have dropped by 90%.
Sun tweeted on Friday that transaction fees on the Tron network and memecoin creator SunPump are now 0.352 TRX, equivalent to $0.04576. This places the network among the cheapest in the cryptocurrency sector.
Tron’s transactional relevance was also reported a few days ago, with data confirming the network controlled one-third of transactions made on Visa’s USDT annual settlement for Q2 2024. The network settled USDT for the payment giants worth $1.25 trillion.
Tron Reaps Revenue Benefits
The increased on-chain activity on Tron has brought ample revenue to the blockchain. According to Token Terminal, Tron has surpassed the revenue generation of other networks, including Ethereum and Solana.
Tron has generated $152 million in the past 30 days, almost three times Ethereum’s and more than six times that of the Solana network. Ethereum and Solana have generated $57.95 million and $24.84 million in the past month, respectively.
Sun reacted to Tron’s revenue performance, stating the network “could even surpass 42 billion this year, making it the most profitable blockchain on Earth” if this trend continued.
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